The adoption of this global accounting standard is expected to enhance the reporting of insurance business under IFRS as issued by the IASB. The Companies note that the adoption of IFRS 17 will not change the underlying fundamentals of their businesses, their financial strength, or ability to pay claims. TORONTO and WINNIPEG, MB, April 19, 2022 /CNW/ - Three Canadian life insurance companies, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc., (together referred to as the 'Companies'), jointly announced today that they have released a document entitled 'Overview of earnings presentation and reporting under the new IFRS 17 accounting standard' regarding IFRS 17, Insurance Contracts, which takes effect on January 1, 2023.